The United States and China have agreed to take measures to “substantially reduce” America’s massive trade deficit with China.
While the Trump administration failed to get the Chinese to commit to a specific numerical goal, the three-day talks that ended Saturday may have helped to ease tensions at least slightly between the world’s two biggest economic powers. In recent months the two have threatened to impose punitive tariffs on billions of dollars in each other’s exports.
In a joint statement, Beijing committed to “significantly increase” its purchases of American goods and services, saying that the increase would “meet the growing consumption needs of the Chinese people and the need for high-quality economic development.”
The two countries also agreed on “meaningful increases” of US agriculture and energy exports.